Entain Reports H1 2026 Revenue of £2.51bn, Up 7% Year-on-Year, as Online Growth Offsets Higher UK Gambling Taxes

Entain has reported first-half 2026 revenue of £2.51bn, up 7% year-on-year, as strong growth across its online betting and gaming operations offset the impact of the UK’s higher online gambling tax rate. The FTSE 100 operator behind Ladbrokes, Coral, and PartyPoker said the results came in ahead of its own expectations, with net gaming revenue reaching £2.55bn for the six months ended June 30, a 5% increase on a constant-currency basis.

The company’s performance underscores a broader trend among major UK-listed gambling operators navigating a tougher domestic tax environment while leaning on international growth to keep the top line moving. Entain’s online segment did the heavy lifting, while retail also managed modest gains despite the industry’s continued shift toward digital channels.

Online Growth Offsets UK Tax Hit

Online net gaming revenue climbed 7% on a constant-currency basis, driven by volume growth of 9%, while retail NGR rose 1%. The UK and Ireland business was a particular bright spot, posting 8% constant-currency NGR growth overall, powered by 13% growth online. Australia also delivered strongly, with online NGR up 13% on a constant-currency basis for the half.

That online strength wasn’t enough to fully insulate profitability from the UK’s increased remote gaming tax, which took effect in the second quarter and weighed on the bottom line by an estimated £56m. Group underlying EBITDA came in at £479m, down 2% year-on-year, though still ahead of what the company had guided for. Online underlying EBITDA fell 5% to £395m, with the online EBITDA margin landing at 21.4%, while retail underlying EBITDA actually increased 6% to £142m.

Loss Narrows as Entain Reshapes Its Portfolio

Entain posted a statutory loss after tax of £11.4m for the period, a sharp improvement from the £85.8m loss recorded in H1 2025. The company also confirmed a phased exit from its Central and Eastern Europe (Entain CEE) business, with an initial 20% divestment already agreed — a move that reclassified that unit’s results as discontinued operations for reporting purposes.

Entain reiterated its full-year 2026 guidance, projecting online NGR growth of 5-7% and group underlying EBITDA between £910m and £960m. The company also declared an interim dividend of 10.3p per share, up 5% year-on-year, in line with its progressive dividend policy. BetMGM, the 50-50 US joint venture between Entain and MGM Resorts, reconfirmed its own full-year revenue guidance of $2.9bn to $3.1bn and adjusted EBITDA of $300m to $350m, generating £6.7m in parent fees EBITDA for Entain during the half.

The results land amid a period of leadership transition across the wider industry, with rival FanDuel parent Flutter also navigating a shift in its US market positioning. For bettors and investors alike, Entain’s numbers suggest that even as UK regulators tighten the tax screws, the biggest operators still have room to grow by leaning harder into online volume and diversifying internationally.